lws
Congratulations on a very well written and objective commentary.
While I agree with 99% of your statement, I do take issue with three points:
1. "..I worry that continuous attempts to push DA and the other Valence management into returning phone calls, making more public progress reports, and approving trips to NI and such will ultimately become regarded as pestering distractions from the work at hand";
2. "..I have to think that at some point my exasperation would be so great that I'd never reply to anyone.."and;
3. "..we owe them the patience and understanding required of those who (voluntarily) invest in speculative ventures."
Let me address issue #3 first. I purchased this stock 5 1/2 years ago.
When I made my bid I was told the stock had jumped $5 per shares from the previous close. I purchased at 25 3/4. I no longer have patience with "them". By the way, Montgomery Securities forecast $500 million in sales in 1997. Where did that hype come from?
Issue # 1: Pestering? I think not. I guess if you really want to find out what is going on in NI you can always e-mail Philip Lucas, Economics Development Director, Antrim Borough Council. The council oversees Inward Investment companies in the Borough. Valence is an Inward Investment company within their geographical purview.
Issue # 2: If LD or DA feel that way then the company should never have gone public and have to answer to stockholders. I would go public too if the 1 March 1993 article in Forbes magazine was correct "Lev Dawson,chief executive and second-largest shareholder (with a stake now worth $67 million)..."
I believe that, despite management's probable concerns over misstatements, they do owe long suffering stockholders updates on projections made a mere 6 weeks ago. If you can't forecast six weeks in advance what your company WILL be doing, then maybe, just maybe, we're not going anywhere. |
